Panic: New York Responds To Costly $5 Billion A Day Decision

New York State officials are reacting and trying to help residents.

Wednesday marks day two of the strike by the International Longshoremen's Association.

Impact Of International Longshoremen's Association Strike On New York Sate

Officials believe this could be the most disruptive strike to the U.S. economy in decades.

JPMorgan believes the cost to the country could be about $5 billion a day. Officials say to expect shortages and higher prices and many items.

New York State Trying To Keep Supply Chains Moving

New York Gov. Kathy Hochul says officials from New York and New Jersey are trying to keep the supply chain moving following the first large-scale dockworker strike in about 50 years.

“The first large-scale eastern dockworker strike in 47 years began at ports from Maine to Texas, including at the Port Authority of New York and New Jersey. In preparation for this moment, New York has been working around the clock to ensure that our grocery stores and medical facilities have the essential products they need," Gov. Hochul said in a statement sent to Hudson Valley Post.

100,000 Shipping Contains In Limbo In New York/New Jersey

According to Hochul, around 100,000 shipping containers are in limbo in the Port of New York and New Jersey.

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But, Hochul says don't panic. She stresses officials at ports in the Tri-State have been working hard to move products off of containers and into trucks to get them to their destinations in advance.

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"It’s critical for USMX and the ILA to reach a fair agreement soon that respects workers and ensures a flow of commerce through our ports. In the meantime, we will continue our efforts to minimize disruption for New Yorkers," Hochul adds.

On Tuesday, the Biden administration said it won't intervene and supports the dockworkers.

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The union represents about 45,000 U.S. dockworkers. They are fighting for better wages and protections against automation to ensure job security.

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